NZD/USD Forecast October 24, 2016, Technical Analysis

The NZD/USD pair fell during the course of the day on Friday, showing continued bearish pressure in this market as we continue to go down towards the uptrend line that has been supporting the market. I believe that a break down below the bottom of the range is reason enough to sell, lease for short-term position. I don’t think at this point in time that this market will eventually find supportive candles in order to go long. Ultimately, I believe that the market will continue to find buyers until we break down below the aforementioned uptrend line longer-term, but I do recognize that there is a short-term selling opportunity.